RCF's OFS receives good response from institutional investors; subscribed over 2 times
MUMBAI: The offer for sale of Rashtriya Chemicals & Fertilisers by the government received a good response from the institutional investors as the portion reserved for them got subscribed 2.14 times.
The two-day OFS of RCF began on Thursday with over 2.20 crore shares being sold to institutional investors. RCF shares declined 6% on Thursday to close at Rs 75.10.
Over 55 lakh shares have been reserved for retail investors for whom the share sale will open on Friday. Retail investors have been offered an additional discount over the issue price.
The government is selling 5% or over 2.75 crore shares, at a floor price of Rs 74.25. Currently, government own 80% stake in the fertiliser company.
On Thursday, as against 2.20 crore shares offered to institutional buyers, bids came in for over 4.72 crore shares.
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Via:: Economic Times – Stocks